The internet has forever changed real estate. Buyers and sellers are more informed before even engaging an agent. This reduces the work required from the agent. Eillu Real Estate believes the current commission rate is out of date. Our goal is to provide superior service with a fair compensation model.
With the development and improvement in real estate technology and listing sites such as Zillow, Trulia, Realtor.com and Homes.com; it takes much less effort and expense to list a home for sale. Real Estate Companies no longer need large office spaces and many other outdated support systems. At Eillu, some of our agents are employees and their compensation structure allows them to focus on the customer experience. The Eillu team has streamlined internal processes with the goal to save buyers and sellers money. Our team approach, with a dedicated in house marketing team, administrative and transaction coordination support, allows us to function much better. This approach allows us to exceed buyers and sellers expectations of what a real estate brokerage can do.
Like many other markets, the standard commission in the Outer Banks is typically 6%; split between the Buyers Agent and Listing Agent. The average sale price in the Outer Banks is $410,819, as of the last MLS statistics released for Jan 2017. So, a seller will need to pay over $24,500 in agent commissions for the sale of their Outer Banks property.
With this new model, Eillu’s listing fee is only 1.5% with a $15k cap. Homes that are priced over a million dollars will experience more savings with the cap. There are no up-front or hidden fees and all traditional services, like marketing, advertising, answering inquiries, showing the home, hosting open houses, document processing and attending closing is included. Buyers who use an Eillu Associate will receive 25% of the Buyer’s Agents fee credited at closing (up to $5k) with all the personal services provided.
The principals at Eillu Real Estate have over 20 years’ experience and over $1B sold under their leadership in the Outer Banks, NC market. Raju Uppalapati, CEO of Eillu and seasoned entrepreneur said “Market forces are beginning to drive home prices higher, while technical innovation is helping us to drive commissions and fees lower. Our agents and associates are using technology and process improvements to work more efficiently so we can charge a lower fee and remain profitable. Unlike other franchises, our independence allows us to tweak the model as changes happen in the market and in the industry.”
Eillu Real Estate is a full-service agency with our Outer Banks office located in Powells Point. We have set up Agents for success with digital solutions, secure document storage and retrieval and many other support systems. Our firm’s paperless model is also environmentally friendly and saves a tremendous amount of overhead. Our Customer Relationship Management (CRM) and marketing software allows us to respond to website visitors instantly and integrates across other national platforms.
We are a progressive agency and have applied to become a B Corp; signaling our commitment to meet the highest standards of social and environmental performance, accountability and transparency. We love the Outer Banks community and continue to reach out and give back locally and globally. In fact, 5% of net company commissions are designated toward our philanthropy causes.
Not content to rest on its laurels in the Outer Banks market, Eillu Real Estate has plans to expand its services to Hampton Roads, Richmond, and Raleigh in the very near future.